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A Property Management System (PMS) is a software application that enables vacation rental owners and managers to centralize and automate their core business operations. It combines tools for reservation management, channel synchronization, guest communication, payment processing, and task automation into a single platform.

Property management cost refers to the fees an owner pays to a professional manager or company for overseeing the operations of their vacation rental.

A Revenue Management System (RMS) is software that utilizes data analytics to help hospitality businesses, including vacation rentals, optimize pricing and availability to maximize revenue. The system automates the complex task of setting the right price for a property at the right time based on market conditions, competitor data, and historical performance.

The Onsite Property Management Association (OPMA) is a trade organization in the United States dedicated to advancing the interests of vacation rental management companies that maintain an onsite operational presence.

VRM commission is the fee a property owner pays to a vacation rental management (VRM) company in exchange for managing their rental property. It is typically calculated as a percentage of the rental revenue generated.